<p>Bonner Carrington&#8217;s Stuart Shaw; Galleria Mall at 13350 Dallas Pkwy (Google Maps, Getty, Bonner Carrington)</p>

Bonner Carrington’s Stuart Shaw; Galleria Mall at 13350 Dallas Pkwy (Google Maps, Getty, Bonner Carrington)

Feb 15, 2023, 6:00 PM

Bonner Carrington plans mixed-income resi near Galleria Dallas

Austin-based developer received Low Income Housing Tax Credit

Bonner Carrington put another project in its pipeline of mixed-income multifamily communities with a development near Galleria Dallas. 

The complex, called Cypress Creek at Montfort Drive, will be located at 14119 Montfort Drive on a 3-acre plot of undeveloped land, according to a filing with the Texas Department of Licensing and Regulation. The project will include 168 mixed-income apartment units and will cost just under $29 million, almost or $173,000 per unit.

The development is being partially funded through a Department of Housing and Urban Development 9 percent Low Income Housing Tax Credit, awarded by the City of Dallas, which requires minority- and woman-owned businesses to be hired for local construction projects. The funding may not exceed $4.1 million, program documents show.

Arrive Architecture Group is leading design on the complex, and an employee declined to reveal additional details. 

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Construction will begin this summer and last until late-2024, according to the filing. Other Bonner Carrington Class-A, mixed income properties typically include amenities such as pools, community kitchens, fitness studios and resident lounges. 

The development will be situated just a mile away from Galleria Dallas. The massive indoor shopping mall is one of the last of its kind still in operation across North Texas. It was built in 1982 for $400 million or $1.16 billion if adjusted for today’s inflation. 

Recently, UBS Realty Investors, a subsidiary of the similarly named Swiss investment bank, handed over ownership of the Galleria Dallas and its adjoining high-rise hotel. A unit of Metropolitan Life Insurance has taken over the deed to the mall, as well as Westin Galleria Hotel. MetLife reportedly held over $315 million in loans on the Galleria dating back to 2014.

Austin-based Bonner is a leading developer of Class A mixed income multifamily with a number of projects completed or in-development across Dallas, Austin and Houston. Bonner currently holds 26 apartment communities in Texas, totaling nearly 4,200 units, with an additional 900 units under development, according to the company’s website. 

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Bonner Carrington plans mixed-income resi near Galleria Dallas

Austin-based developer received Low Income Housing Tax Credit

<p>Bonner Carrington&#8217;s Stuart Shaw; Galleria Mall at 13350 Dallas Pkwy (Google Maps, Getty, Bonner Carrington)</p>

Bonner Carrington’s Stuart Shaw; Galleria Mall at 13350 Dallas Pkwy (Google Maps, Getty, Bonner Carrington)

Bonner Carrington put another project in its pipeline of mixed-income multifamily communities with a development near Galleria Dallas. 

The complex, called Cypress Creek at Montfort Drive, will be located at 14119 Montfort Drive on a 3-acre plot of undeveloped land, according to a filing with the Texas Department of Licensing and Regulation. The project will include 168 mixed-income apartment units and will cost just under $29 million, almost or $173,000 per unit.

The development is being partially funded through a Department of Housing and Urban Development 9 percent Low Income Housing Tax Credit, awarded by the City of Dallas, which requires minority- and woman-owned businesses to be hired for local construction projects. The funding may not exceed $4.1 million, program documents show.

Arrive Architecture Group is leading design on the complex, and an employee declined to reveal additional details. 

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Construction will begin this summer and last until late-2024, according to the filing. Other Bonner Carrington Class-A, mixed income properties typically include amenities such as pools, community kitchens, fitness studios and resident lounges. 

The development will be situated just a mile away from Galleria Dallas. The massive indoor shopping mall is one of the last of its kind still in operation across North Texas. It was built in 1982 for $400 million or $1.16 billion if adjusted for today’s inflation. 

Recently, UBS Realty Investors, a subsidiary of the similarly named Swiss investment bank, handed over ownership of the Galleria Dallas and its adjoining high-rise hotel. A unit of Metropolitan Life Insurance has taken over the deed to the mall, as well as Westin Galleria Hotel. MetLife reportedly held over $315 million in loans on the Galleria dating back to 2014.

Austin-based Bonner is a leading developer of Class A mixed income multifamily with a number of projects completed or in-development across Dallas, Austin and Houston. Bonner currently holds 26 apartment communities in Texas, totaling nearly 4,200 units, with an additional 900 units under development, according to the company’s website. 

Read more

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